12:13 PM EDT, 03/11/2024 (MT Newswires) -- Wall Street's major market averages fell Monday afternoon as traders continued to digest Federal Reserve Chair Jerome Powell's remarks on inflation and awaited Tuesday's release of the Consumer Price Index report.

A survey released by the New York Federal Reserve Bank showed consumer expectations for one-year US inflation growth remained at 3% in February, unchanged from the previous month. The median inflation uncertainty slowed to 3.3% from 3.7% in the one-year horizon.

Bally's (BALY) shareholder Standard General is proposing to acquire all of the outstanding shares of the company for $15 per share, according to a filing. Shares of the gaming company rose 25% in recent trading.

Eli Lilly's ( LLY ) shares dropped 4% even after the company said a phase 3 study of lebrikizumab, an investigational treatment for eczema, showed "significant" efficacy in improving skin clearance and in itch relief for people with skin of color. No serious adverse events were reported.

Reddit (RDDT) set an expected price range for its initial public offering at $31 to $34 a share for 22 million class A shares, aiming to raise up to $748 million, according to a regulatory filing.

Mesoblast (MESO) shares rose 26% after the company said that the US Food and Drug Administration supports an accelerated approval for its rexlemestrocel-L cell therapy in end-stage heart failure patients with a left ventricular assist device.

Price: 13.27, Change: +2.65, Percent Change: +24.92